Macau Casino Operator Sand China Ltd expecting rise in profits
Sands China Ltd, the second biggest casino operator in Macau, is looking likely to have a bumper year next year with sales projected in the billions. Sheldon Adelson, chairman of the Las Vegas Sands Corporation, made the announcement yesterday in an interview at the construction site of the group’s $5.5 billion resort in Singapore.
The new figures are expected to see profits rise from $3 billion in 2008 to $5 billion in 2010. The casino group is currently undertaking a massive expansion plan across Asia and the flagship casino in Macau is right in the heart of the biggest growth market for gambling in Asia.
Sean Monaghan, a Singapore based investment consultant, commented that:, commented that: “Macau is going through record growth so I would expect Sands to do well in 2010” and the gross revenues at the Sands Casino are considerably higher than the net figures that many of the neighbouring businesses are reporting.
The Sands Casino Corporation have also seen their stock rise for the first time in recent weeks with their share prices rising by 0.7 percent to HK$9.29 although the rises still isn’t enough to get the company back up to its IPO price of HK$10.38.
With many gaming companies still struggling in the current climate the Sands Casino Group’s expansion plans are certainly ambitious with a rise in their stock and positive early financial forecasts it could be a gamble that pays off the for gambling conglomerate.